Industry News

Subprime loans hurt Countrywide’s bottom line

Lender makes gains in investments, insurance businesses
Published on Apr 26, 2007

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by CareyBot

First-quarter revenue from subprime mortgage lending at Countrywide Financial Corp. dropped by $400 million from the previous quarter, the company reported today, while rising delinquencies and increased loss reserves drove up credit costs by $132 million. Countrywide’s net earnings of ...